Following a spate of lettings at a North Tyneside industrial park, local property agents report that only one unit remains unoccupied.
Acting on behalf of Hellens Group, joint letting agents Naylors and Billfinger GVA have secured new tenants for 16 of the 17 units at the speculatively built Larch Court, North Shields, which was completed last July.
The 35,000 sq ft scheme provides individual units ranging in size from 1,500 sq ft to 3,000 sq ft, which have proved popular with a raft of occupiers including Vreo Innovation, ChipsAway and RS Classic Cars.
Kieth Stewart, head of industrial agency at Naylors, said: “Larch Court has been a major success, the scheme’s popularity has exceeded our expectations.
“The speed with which it has filled up demonstrates the strong demand for good quality, small to medium sized industrial space for SME’s in the North Tyneside area.
“The North East needs further schemes of this nature to address the diminishing industrial stock and ongoing shortage of new development.”
Chief Executive of Hellens Group, Gavin Cordwell Smith, said that financial assistance from the European Regional Development Fund and NELEP’s North East Investment Fund was fundamental to getting the scheme off the ground.
“We are pleased to have been able to bring forward North Tyneside’s first speculative industrial development since 2007. Receiving funding assistance was key to the project’s realisation and we are grateful for this support.
“We are delighted that the scheme is almost fully occupied and has provided much needed high quality workspace for new and growing business in the local area.”
Danny Cramman of Bilfinger GVA added: “The high level of interest in the units has proved there is a pent up demand for good quality product, hopefully the success of the scheme will encourage more speculative development in the region.
“We are currently talking to several parties who want to take the last unit and it’s likely the scheme will be at full occupancy before the New Year.”
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